ERCOT Ancillary Services Swaps

The terms and conditions of the swaps incorporate by reference such credit and other terms as the parties may establish through their pre-existing bilateral agreement. The swaps have the following characteristics:

Contract Overview:	An agreement to exchange cash flows based on the difference between a fixed price agreed to by the parties and a floating rate based on an ancillary service over a specified term to maturity.
Reference Ancillary Services:	ERCOT Regulation Down Service ERCOT Regulation Up Service ERCOT Responsive Reserve Service ERCOT Non-Spinning Reserve Service
Trade Date:	As determined by the parties.
Effective Date:	The date on which the parties begin calculating their accrued obligations under the swap.
Termination Date:	As determined by the parties.
Buyer:	Party [A/B]
Seller:	Party [B/A]
Fixed Price:	As determined by the parties.
Floating Price:	As determined by ERCOT
Determination Period:	Effective Date through Termination Date.
Payment Date:	As determined by the parties.